By: Jessica Ackerman
Improving your home is the most logical first step toward maximizing its financial value, since keeping things up-to-date is the only way your home gains short-term value. The key is keeping the house in a position of maximum value to potential buyers, regardless of whether you are considering selling now or in the future. To optimize your investment, review these five home upgrades that can increase the value of your home:
1. Keep the kitchen modernized as much as possible.
This does not indicate that you should rush out and buy every new appliance and gadget that becomes available, but rather keep up-to-date with modern technologies. Homes without a dishwasher, for instance, often sell for less than homes with this great modern amenity. Stainless steel appliances are costly, but the return on investment is high because they are very durable and aesthetically pleasing.
2. Follow the same rule in the bathroom.
The bathroom is another room that should be kept modern, especially where fixtures are concerned. A tub is a good idea in the guest bathroom, such as a traditional tub and shower combination, but in the master bathroom trends are leaning toward showers that offer space to move, or tubs that are large enough to be focal points in the space. Water-saving features are among the more recent additions to this space, and the money you save with them usually pays for them within the first year or two, depending on your average bill.
3. Improve the home’s curb appeal.
You can achieve this goal by keeping your lawn manicured and being aware of the view from the street. For instance, stand in front of your house and look at it closely to determine whether it needs to be cleaned or painted, from the front porch outward, whether windows are modern and energy-efficient, and whether the plants are appropriate. Aim high to maximize your investment in your home.
[Mortgage Help: Get your free credit report and see if your credit score is mortgage qualified]4. Do not waste space.
Nothing devalues a home like wasted space, since it indicates that you have no idea what to do with the rooms in your home, such as an unfinished basement, sunroom space, added rooms, or storage rooms. When you are indecisive, it reflects in your home and can really limit the value of it, so be sure to think creativity to keep things looking great from this important standpoint especially. Make the most of each room in your home, even if you simply turn an unused space into a formal dining area, home office, walk-in closet, home gym, media room, or guest space.
5. Add a master bathroom or walk-in closet space.
These are very important upgrades that can add a tremendous amount of value to your home, especially if the home does not currently have one, the other, or both. The master bath is most important, but a large closet can also be a huge factor if you are considering selling the house. Upgrades like these have a huge return on investment, often more than what you pay to complete them even.
- What’s the Secret to Financial Independence?
- Buyer Beware: Home Staging May Be Hiding Big Problems
- How to Throw a Great Halloween Party on a Budget
- 5 Hidden Financial Risks of Everyday Life
- Money-Saving Apps: RepairPal